Pinnacle Financial Partners (NASDAQ:PNFP) Rating Lowered to “Market Perform” at Hovde Group

Pinnacle Financial Partners (NASDAQ:PNFP) was downgraded by stock analysts at Hovde Group from an “outperform” rating to a “market perform” rating in a note issued to investors on Monday, Marketbeat reports. They currently have a $135.00 price target on the financial services provider’s stock. Hovde Group’s price objective suggests a potential upside of 8.88% from the stock’s current price.

A number of other equities analysts have also recently weighed in on the stock. Barclays lifted their price target on shares of Pinnacle Financial Partners from $101.00 to $108.00 and gave the stock an “equal weight” rating in a research report on Thursday, October 17th. Citigroup lifted their price target on shares of Pinnacle Financial Partners from $113.00 to $123.00 and gave the company a “buy” rating in a research note on Thursday, October 17th. Wells Fargo & Company boosted their price objective on shares of Pinnacle Financial Partners from $100.00 to $104.00 and gave the stock an “equal weight” rating in a research note on Thursday, October 17th. Truist Financial boosted their price objective on shares of Pinnacle Financial Partners from $113.00 to $119.00 and gave the stock a “buy” rating in a research note on Monday, October 21st. Finally, Stephens upped their price target on shares of Pinnacle Financial Partners from $108.00 to $120.00 and gave the company an “overweight” rating in a research note on Thursday, October 17th. Six analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $108.70.

Pinnacle Financial Partners Stock Performance

Shares of Pinnacle Financial Partners stock opened at $123.99 on Monday. The company has a debt-to-equity ratio of 0.42, a current ratio of 0.90 and a quick ratio of 0.90. The firm has a market cap of $9.58 billion, a P/E ratio of 23.57 and a beta of 1.04. The firm has a 50 day simple moving average of $102.85 and a 200 day simple moving average of $91.46. Pinnacle Financial Partners has a fifty-two week low of $70.03 and a fifty-two week high of $129.38.

Pinnacle Financial Partners (NASDAQ:PNFP) last issued its quarterly earnings results on Tuesday, October 15th. The financial services provider reported $1.86 earnings per share for the quarter, beating analysts’ consensus estimates of $1.79 by $0.07. Pinnacle Financial Partners had a net margin of 13.97% and a return on equity of 8.89%. The business had revenue of $810.11 million during the quarter, compared to analyst estimates of $454.18 million. During the same quarter last year, the business posted $1.79 earnings per share. Sell-side analysts predict that Pinnacle Financial Partners will post 6.8 earnings per share for the current fiscal year.

Institutional Trading of Pinnacle Financial Partners

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. BNP Paribas Financial Markets grew its stake in shares of Pinnacle Financial Partners by 28.9% in the first quarter. BNP Paribas Financial Markets now owns 7,229 shares of the financial services provider’s stock worth $621,000 after purchasing an additional 1,622 shares during the last quarter. Bessemer Group Inc. raised its holdings in shares of Pinnacle Financial Partners by 7.0% during the first quarter. Bessemer Group Inc. now owns 134,986 shares of the financial services provider’s stock valued at $11,594,000 after purchasing an additional 8,888 shares during the period. CANADA LIFE ASSURANCE Co raised its holdings in shares of Pinnacle Financial Partners by 0.3% during the first quarter. CANADA LIFE ASSURANCE Co now owns 57,459 shares of the financial services provider’s stock valued at $4,930,000 after purchasing an additional 152 shares during the period. Stieven Capital Advisors L.P. acquired a new position in shares of Pinnacle Financial Partners during the first quarter valued at about $6,003,000. Finally, Earnest Partners LLC raised its holdings in shares of Pinnacle Financial Partners by 3.0% during the first quarter. Earnest Partners LLC now owns 655,122 shares of the financial services provider’s stock valued at $56,262,000 after purchasing an additional 19,353 shares during the period. Institutional investors own 87.40% of the company’s stock.

Pinnacle Financial Partners Company Profile

Pinnacle Financial Partners, Inc, together with its subsidiaries, operates as the bank holding company for Pinnacle Bank that provides various banking products and services to individuals, businesses, and professional entities in the United States. The company accepts various deposits, including savings, noninterest-bearing and interest-bearing checking, money market, and certificate of deposit accounts; and provides treasury management services, which includes online wire origination, enhanced ACH origination services, positive pay, zero balance and sweep accounts, automated bill pay services, electronic receivables processing, lockbox processing, and merchant card acceptance services.